Half the world’s population will use digital banking by 2021

Home > Ecommerce > Half the world’s population will use digital banking by 2021

Staff Writers2017-02-13

By 2021, nearly three billion users will access retail banking services via smartphones, tablets, PCs and smart watches — up 53 per cent from this year. The figures are contained in a study by Juniper Research.

According to research author Nitin Bhas, “Technology is currently the big differentiator for all types of banks, including traditional banks and the so-called challenger banks. Investments in banking technology reached record levels in 2016 and traditional banks are expected to focus on digital transformation initiatives.”

The study found that usage will continue to rise as consumers increasingly opt for banks offering the convenience of rapid, multi-channel digital services. This means that banks will need to focus on providing a more frictionless digital experience to their customers if they are to remain market leaders.

Juniper predicted that in 2017, big banks will acquire challenger players including tech startups and digital-only banks, and this will further accelerate the rollout of traditional players’ digital strategy.

Must Reads

Advertisers will lose $42 billion of ad spend globally this year to fraudulent activities committed via online, mobile and in-app advertising. Forty. Two. Billion. The figures are contained in a new study by Juniper Research. The figure is bad, but it’s even worse when you realise that it’s accelerating. Back